In the modern world of mass commercialization, over consumption has become a way of life. Individuals frequently spend in excess of their financial means which places stress on the individual, the family, as well as the prospects for retirement. Disciplined individuals frequently employ harsh budgeting measures as a means of overcoming their compulsive buying habits and obtaining financial freedom through attaining their financial goals. Unfortunately, the majority of individuals are faced with drifting through life without the assistance of any organized plan for addressing their financial desires. Some individuals, with limited success, create and maintain a rational budgeting scheme that places them on sound financial footing.
Many individuals have limited time and money to spend on addressing these budgeting concerns. The tasks of developing a budget and tracking expenses to maintain this budget are tedious and frustrating experiences. Frequently, individuals or family members often pay bills on a monthly basis, get off their budget, and lose track of the balances outstanding because maintaining such a balanced budget is a cumbersome and time-consuming process. Current systems for assisting individuals in developing budgets fail to address the needs of a person of average financial status. Such systems for keeping records of household accounts and expenditures address complex tax and legal issues excessive to the average individual. Computerized budgeting expenses require that users own and understand how to operate computerized systems and that the user devote a considerable amount of time to learn the computer system and the budgeting applications. This process, particularly on computerized systems, is complicated, time consuming and inefficient. It is also difficult to learn to use efficiently. Thus, the systems fail before they are ever actually employed.
Furthermore, individuals are inherently averse to the complexities of the accounting process as a whole. Current accounting systems perpetuate this dissatisfaction by providing extensive information that may be useful to major corporations, but is wholly inadequate to assist the average individual in determining a realistic budget and maintaining a system to continue with the desired budget. These accounting systems lack a simple and easy-to-use process that is easily understandable and functional to the non-accountant. Also, these systems lack mechanisms to assist individuals in realistically comprehending the budgeting process and the means for obtaining realistic financial objectives.
Moreover, these systems do not assist individuals in adapting a disciplined approach to managing income and expenditures.
Thus, it is apparent that a need exists for a more simplified approach to budgeting finances and maintaining an accounting system whereby an individual can easily track expenditures and revenues and obtain a realistic picture of the individual's financial situation. Such a system is further needed so that the individual can make informed decisions about purchases by realistically associating the purchase decision with the individual's financial capabilities.